Stellar Development Foundation, a nonprofit organization set up to promote growth on the Stellar blockchain, was listedĀ among the largest creditorsĀ of Genesis, the beleaguered crypto lending giant thatĀ filed for bankruptcy protectionĀ on Thursday.
The foundation has a claim for $13 million against Genesis, according toĀ bankruptcy filings.
In a statement to CoinDesk, the foundation confirmed it loaned around $13 million to Genesis in 2022 but called the sum āimmaterialā in relation to the rest of its treasury.
āThe outstanding claim represents an immaterial portion of our overall treasury and does not impact our operations in any way,ā according to a Stellar Development Foundation representative.
According to itsĀ website, the āStellar Development Foundation currently holds 30 billion XLM to be used for promoting and enhancing Stellar.ā At current prices, Stellarās holdings of its native XLM token place the paper value of its treasury above $200 million.
Though the foundation claims it has weathered the Genesis fiasco relatively unscathed, the entanglement of an ecosystem fundās assets with the over-the-counter crypto lending desk underscores just how widespread the contagion of the Genesis fallout might be.
Also among the largest Genesis creditors revealed in Thursdayās bankruptcy filings wereĀ pension fundsĀ of Fairfax County, Virginia, andĀ MoonAlpha Finance, the team behind Babel Finance, which is owed $150 million.
Genesis is owned by the crypto conglomerate Digital Currency Group (DCG), which also owns CoinDesk.
According to Genesisās bankruptcy filings, it owes $3.5 billion to itsĀ top 50 creditors, including the Stellar Development Foundation.